JP Morgan
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France's Danone has completed syndication of $13.1bn of loans to fund the $12.5bn acquisition of North American organic food and drinks company White Wave. But there might not be many more jumbo deals this year, as political volatility looks set to hang over the M&A market for a little longer, writes Robert Cooke. -
Energias de Portugal made an opportunistic grab for euros on Thursday, proving that even as August begins, healthy order books and negative new issue premiums are still available for corporate bond issuers.
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Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.
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Road King Infrastructure’s new $450m three year bond proved widely popular among investors, attracting an order book of about $6.5bn.
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Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.
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Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.
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Lar España Real Estate Socimi, the Spanish real estate investment trust which specialises in shopping centres and offices, completed its €147m rights issue on the Madrid stock exchange.
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Postal Savings Bank of China’s mammoth $8bn-$10bn IPO in Hong Kong is a “once in a decade type deal” and investors already appear willing to pay a premium for a slice of the trade, say bankers.
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Primary bond activity in Asia sprang back to life on Wednesday following a slow start to the week, with high yield issuance leading the way.
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Chile’s national oil company Enap raised $700m of senior unsecured bonds on Tuesday as an attractive new issue concession tempted investors despite the company’s high leverage.
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Greenko Investment Company is gearing up to become the first corporate from India to sell a dollar green bond, launching a roadshow in Asia, Europe and the US ahead of a 144A outing next week.
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US coatings manufacturer Axalta priced its $875m dual currency offering on Tuesday as it brought this week’s second cross-border bond, at pre-Brexit pricing levels.
